According to a police source on May 14th, two teenagers from Russia have been apprehended in a crackdown targeting an alleged crypto-fueled “money laundering” operation. As reported by the news agency URA, a member of an unnamed law enforcement agency in the Khanty-Mansi Autonomous Okrug stated that the teenage siblings lured other adolescents in the area into their scheme.
Russian Teens Ran ‘Crypto Exchange’ with ‘Organized Crime Gang’
The source revealed that in April, some parents of the teens submitted a formal report to law enforcement agencies in the region. They alleged that their children had been roped into an illegal cryptocurrency exchange operation orchestrated by an organized crime group. Prior to this report, authorities seemed unaware of the illicit activity but promptly initiated an investigation following the tip-off.
According to the source, the two brothers enticed their peers with modest financial incentives to facilitate cryptocurrency transactions through their bank accounts. Over a span of two months, one of the teens processed approximately $22,000 worth of cryptocurrency exchange-related funds through their bank account. As a result, the teen pocketed roughly $4,400 in cash, which was reportedly stashed under their pillow at home, as per the source’s account.
Federal Agency ‘Involved in Case’
The case has reportedly garnered the attention of the federal investigative agency, the Investigative Committee of the Russian Federation. Media reports suggest that Committee chief Alexander Bastrykin has personally intervened, with the regional branch of the committee closely monitoring the case.
The media outlet noted its attempt to contact the Khanty-Mansi Autonomous Okrug branch of the committee for comment, but no response has been provided thus far.
In Russia, cryptocurrency exchanges currently operate in a legal gray area. However, the nation’s anti-money laundering agency, Rosfinmonitoring, has urged Moscow to expedite the implementation of regulatory laws. Both Rosfinmonitoring and law enforcement authorities assert that cryptocurrencies have become the preferred choice for money launderers and criminals in Russia.
In the upcoming weeks, lawmakers are poised to discuss a significant piece of cryptocurrency-related legislation. The draft bill reportedly suggests prohibiting all domestic cryptocurrency exchanges except for officially sanctioned sandbox operators. Additionally, the bill proposes granting energy providers the authority to monitor and regulate home-based cryptocurrency miners while also seeking to legalize the industrial cryptocurrency mining sector.
